State Bank of India (SBI) has unveiled the ‘Nation First Transit Card,’ a RuPay prepaid instrument operating within the National Common Mobility Card (NCMC) framework for nationwide use. This card aims to enhance customer commuting experiences by simplifying digital fare payments for metro, buses, water ferries, parking, and more, all through a single card. It’s also versatile for retail and e-commerce transactions. Powered by RuPay and NCMC technology, it allows SBI customers to use their debit cards for travel on enabled Metro Rail and Buses. NCMC, initiated by the Ministry of Housing and Urban Affairs, promotes cashless transactions and offers a unified payment platform for commuters.
Facts/Terms for UPSC Prelims
- National Common Mobility Card (NCMC): An initiative designed to facilitate cashless transactions and provide a unified payment system for commuters across various modes of transportation, including metro, buses, and suburban railways.
- Nandan Nilekani Committee: A committee established by the Reserve Bank of India (RBI) that proposed the concept of NCMC to promote digital transactions and provide seamless travel experiences.
- RuPay: An Indian domestic card scheme developed by the National Payments Corporation of India (NPCI), offering credit cards, debit cards, and prepaid cards for electronic payments across Indian banks and financial institutions.
- Automatic Fare Collection System: A technology that enables contactless payment for transportation services, turning smartphones into interoperable transport cards for seamless payment on metro, bus, and suburban railway services.
- Electronic Payment: The process of conducting financial transactions electronically, typically involving the use of cards, mobile apps, or online platforms to make payments, transfer funds, or complete purchases securely.
